XM Founder Steps Down As Sirius XM Chairman
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Sirius XM (NSDQ: SIRI) Chairman Gary Parsons is resigning from the company’s board; Parsons co-founded XM Satellite Radio, which merged with Sirius last summer. He led the company after the merger, along with Sirius XM CEO Mel Karmazin. Eddy Hardenstein, a Sirius XM director who is also the publisher and CEO of the Los Angeles Times, will become the company’s non-executive chairman.
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The company’s results improved markedly last quarter, and in a statement, Parsons refers to that performance, saying that “it’s the right time to step aside” noting that despite “the challenging economic environment, we have begun to generate positive cash flow and have substantially improved our financial condition.” Parsons’ departure follows the exit of former XM CEO and co-founder Hugh Panero, who left the company in July 2007, several months after the Sirius—XM merger was announced.
Posted In: Industry Moves, Media & Publishing, Radio
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